SUI Price Surges 32% To Record High Market Cap, What’s Next?

SUI price has experienced remarkable growth, rising by 32.4% within the past 24 hours, reaching a record-high market capitalization of approximately $8.7 billion. This surge has placed SUI in the 15th spot among the highest-valued digital assets. Meanwhile, the Sui ecosystem’s lending protocol, Scallop (SCA), has also seen substantial gains. SCA increased by 87% over the past week, with its total value locked (TVL) growing by 25.3%. This indicates a strengthening interest in the Sui network and its related assets.

SUI Price Rally 60% In a Week Hitting New Market Cap High of $8.7B

According to recent market data, SUI price surged 32.4% within the past 24 hours and over 60% in the last 7 days. This substantial growth has pushed SUI’s market capitalization to an all-time high of approximately $8.7 billion. This achievement has not only solidified SUI’s position in the market but also advanced it to the 15th spot among digital assets by market value. The sudden spike in SUI prices has attracted considerable attention from investors.

The increase in SUI price is coupled with a surge in trading volume, indicating a rise in investor interest. Over the past 24 hours, SUI trading volume increased by over 250%, reflecting heightened market activity, and signaling a bullish outlook. Analysts attribute this price rise to strong on-chain metrics and a favorable market environment.

Adding to the bullish sentiments, the MACD analysis on the daily chart indicates a strong upward trend for SUI. The MACD line has crossed above the signal line, currently reading 0.0211 against -0.0027, reflecting positive momentum. The histogram also supports this bullish outlook, as it has been showing green bars with increasing height. This widening gap between the MACD and the signal line indicates strengthening buying pressure and a continuation of the upward trend. 

Furthermore, the Bull Bear Power (BBP) analysis reinforces the bullish trend, showing a positive value of approximately 1.2590. This positive reading suggests that bulls are dominating the market, as buying strength surpasses selling pressure. 

Scallop (SCA) Gains 87% As Sui Ecosystem Grows

In addition to SUI’s impressive performance, the Sui ecosystem’s lending protocol, Scallop (SCA), has also recorded significant growth. Over the past week, Scallop (SCA) has surged by 87%, reflecting increasing interest in Sui-based financial applications. As a lending protocol, Scallop plays a crucial role within the Sui ecosystem, facilitating lending and borrowing activities that contribute to the network’s utility.

The remarkable growth of Scallop (SCA) highlights the potential of the Sui ecosystem to expand beyond just the SUI token, as users explore other financial services within the network. 

Alongside price gains, Scallop (SCA) has also seen a substantial increase in its total value locked (TVL), which rose by 25.30% over the past seven days. This increase in TVL demonstrates the growing engagement of users with the Scallop protocol. The rise in TVL is an essential metric, reflecting both user adoption and the protocol’s liquidity.

What’s Next? Analysts Predict $10 Target for SUI

Following the recent rally, market analysts are optimistic about the future trajectory of SUI price, projecting a potential target of $10 if current trends persist. This positive outlook is driven by robust on-chain metrics, including high trading volume and active user engagement. Additionally, post-election market dynamics and the popularity of meme coins within the ecosystem may serve as further catalysts for price appreciation.

SUI November price prediction could continue to benefit from increased interest and favorable market conditions. If these factors align, SUI may see another significant rally, bringing it closer to the anticipated $10 target.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.